Loading...
November 26, 1955k~~.~ MINUTES OF A SPECIAL MEETING OF THE CITY COUPICIL OF TIII; CITY OF WEST 1"IEP7I'HIS, ARKANSAS, .HAD ANA_I~ELD CN NOVEMBER: 26, _1955..... The Council of the City of West }lemphis met in a special session at the City Hall in said City at 9:00 A.M. on the 26th day of November, 1955. The meeting was called to order by the }Iayor, and upon roll call there were: Present: Mayor H. B. Price presiding and the following Aldermen: James Bledsoe, 0. I. Bollinger, Bob Eden, Freeman Finley, Curtis Foster, F, B. Powers, and R, H. Ray, Jr.; and City Attorney Atlee Ilarris and City Clerk J. E, Himes. Absent: Alderman A, R, }lanchester. It being determined a quorum was present, the following proceedings were had to-wit: Mayor Price announced the Special P3eeting had been eal.led in accordance with Ordinance No. 219 "An Ordinance Providing For Regular }Meetings Of The City Council, Providing For Special }4eetings And Other Purposes" for the purpose of consideration of a Resolution authorizing the renewal of two promissory notes of X25,000 each authorized on August 2, 1955. After discussion of the matter, Alderman Ray introduced the Resolution which was read in ful]. as follows: RESOLUTION AUTHORIZING THE RENEWAL OF CERTAIN NOTES W}iEREAS, the City o£ West 2lemphis, Arkansas, acting by and through its City Council, meeting in a regular session on August 2, 1955, authorized the temporary borrowing of X50,000, to be represented by two promissory notes of X25,000 each, due 90 and. 120 clays after date thereof, for the purpose of malting improvements and betterments to the TiJest Memphis municipal waterworks system; and WI~.RI~11S, the Playor and City Clerk, proceeding under the authority of said action, did executo one note in the sum of ?„25,000, dated August 10, 1955, du.e on or before 90 days after date, in favor of The Bank of West Memphis, t^Jest ?lemphis, Arkansas, and another note in the amount of X25,000, dated August 10, 1955, due on or before 120 days after date, in .favor of the }lerchants ~c Planters Bank of West ;lemphis, Ar}tansas, both notes payable at maturity with interest at the vte of try per annum; and i~fIItEAS, the note to The Ban)t of West Tlemphis has now matured and the note to the i~terchants & Planters Bank will mature on December 7, 1955, and it is to the best interests of the City to rener~r said notes for 90 and 120 days, respectively; now, therefore, BE IT RESOLVED by the City Council of the City of West 2lemphis, Arkansas: SECTIO}1 1. That the City shall, acting by and through its Mayor and City Clerk, renew the present past-due X25,000 note in favor of The Bank of West :lemphis for a period of 90 days from and after the date of renewal, and shall renew the X25,000 note in .favor of the Pierc}i<zrrts & Planters Bank due on December 7, 1955, for a period of 120 days after that date, interest on both notes to be payable at maturity at the rate of lt;h per annum, with the privilege on the part of the City of calling either note for payment, either in whole or in part, at any time prior to maturity. SECTION 2. For the payment of these notes acrd. the interest thereon, the City hereby pledges the surplus revenue derived from the operation of its waterworks system under the terms of Ordinance Pio. 121 and Resolution lio, .1.81, passed and approved May 28, 1946, and 1-gay 2, 1950, respectively, and as additional securit3r for the payment of the notes the City hereby pledges out of the net revenue derived. from the operation of its electric light and potrer system such amounts, if any, that may be needed to prevent a def2ult in sa.icl notes. SECTIO}d 3, It is hereby ascertained and determined that the rapid expansion of the City of West }Memphis and the construction of residences in near additions to the City have created an emergency; and this resolution, being necessary for the preservation of the public peace, health and safety, shall take effect and be in force from and after its adoption. Alderman Bledsoe then moved that the rule requiring the reading in full on three different days be dispensed with. The motion was seconded by Alderman Bollinger, and on the roll being called the voting was as follows: Yeas: Aldermen: Bledsoe, Bollinger, Eden, Finley, Foster, Pocaers, and Ray. Nays: None. The Mayor declared that more than two-thirds of the members composing the Council had. voted in favor of the motion to suspend the rule and that it was carried. Alderman Eden then moved that the Resolution as read be adopted. This motion was duly seconded by Alderman Finley, and on the roll being called the voting was as folloras: is . Yeas: Aldermen: Bledsoe, Bollinger, Eden, Finley, Foster, Powers, and. Ray. Nays: 1Jone. l_1~ The Mayor declared that the Resolution had been adopted, and then called attention to the fact that Section 3, the emergency section, must be adopted upon a separate roll call in order to be affective. Alderman Foster then read Section 3 again. Alderman Pourers moved that Section 3 be adopted. This motion was duly seconded by Alderman Ray, and on roll call the following voted: Yeas: Aldermen: Bledsoe, Bollinger, Eden, Finley, Foster, Powers, and Ray. Nays: Non©. The Jiayor then declared that the Resolution and the emergency section had been du7.y passed, and thereupon he signed the Resolution in open Council meeting, and said Resolution was numbered 176. No further business Doming before the Council, motion was made by Alderman Bledsoe and seconded by Alderman Finley to adjourn. The voting was as follows: Yeas: Aldermen: Bledsoe, Bollinger, Eden, Finley, Foster, Fowers, and Ray. Nays : rJone . ATTEST: C Y GL?~1FtK /~ v ~`-''~ _ -_ A7AXOR APFROVED: DECEI?BER 1, 1955